The two banners hanging above the ice at T-Mobile Arena won’t be the only things sky-high when the Golden Knights drop the puck for the second season in franchise history Thursday night against the Flyers.

Expectations are through the roof.

The Golden Knights rode roughshod through the rest of the NHL last season en route to the most improbable Stanley Cup final appearance in league history.

But … they did it playing with house money.

Now instead of being the expansion team, the Golden Knights are the defending Pacific Division champions. Last year they were the “Golden Misfits” — as the players commonly called themselves in reference to their former teams not protecting them in the expansion draft. This year they’re the defending Western Conference champions.

Forget the days where every win is icing on the cake. The players, coaches, front office and fanbase expect a repeat of last season’s magical run, with an...